Charlie Mullins, founder of celebrity favourite Pimlico Plumbers, has ditched the £1million dividend he received last year but increased his pay to almost £500,000.

The London-based company increased its turnover for the year to May 31, 2013, by 5.4 per cent to £18.1million, while pre-tax profits grew from £1.1million to £1.6million.

As the highest-paid director, Mullins saw his pay jump from £420,000 to £480,000, though this was still some way off his £2million payday in 2010 when he earned the title of ‘Britain’s richest plumber’.